BoNY tops FN custody table

Bank of New York topped the Financial News' year-end custody table with an impressive $420bn of new business wins in 1998, comfortably ahead of State Street and Mellon Trust with $376bn and $284bn respectively.

Jeff Tessler, general manager of BoNY's Securities Services Europe, said: "Our approach recognises that the leading custodians have become much broader providers of services to support the front, mid and back office requirements of clients."